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Established Contributor
l9ikjam
Posts: 662
Registered: ‎09-07-2007
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A good reason to check into the Concord center

I have been trying to get a HELOC but I kept getting turned down and after getting the rejection letters in the mail the reason on all of them were to many credit card. So I called up a couple of banks hoping I could change there minds but it was a no go. The 2 banks that I talked to said the number of open accounts is 1 of the things that they look at when someone is apping for any loan. I have my home insurance thru Nation Wide so they sent me a letter basically saying I'm preapproved for any loan I wanted. So I went for the HELOC & 1 of their CC's. I got the HELOC but was turned down for the CC. A rep called me and told me I was turned down for the CC because of to many open accounts. I know some won't agree with this but I'm about to close all of my credit cards except 5 and 2 store cards. I currently have 12 CC's and 3 store cards. Chase, Amex, Patelco, Hooters, Cap1, care credit r all getting the axe this weekend. Might keep the Hooters.
Advice is what we ask for when we already know the answer but wish we didn't.
Senior Contributor
score_building
Posts: 3,553
Registered: ‎01-10-2008

Re: A good reason to check into the Concord center

keep hooters over patelco?  nah.

FICOS:
06/13 EX 765 (PSECU) EQ 771 (DCU) TU 779 (Barclays)
Epic Contributor
Creditaddict
Posts: 20,969
Registered: ‎10-23-2007
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Re: A good reason to check into the Concord center

12 accounts and that's to many??? I'm in serious trouble. lol
Fico Scores: EQ- 682 DCU, TU 696 Walmart, EX 695 NASA(10-6-14)
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Established Contributor
l9ikjam
Posts: 662
Registered: ‎09-07-2007
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Re: A good reason to check into the Concord center

keep hooters over patelco?  nah.

 

---------------------------------------------------------

 

I'm getting rid of patelco because they do not give CLI'S unless you call and ask and it's always a hard. I got EX on ice because it seems that's where i'm getting hit with so many INQ trying for  CLI's. I finally got them to give me an increase because I only had 5 INQ on EX in the last year. Now I gotta fax some info over 2 them. not worth it. I don't like that fact that u can open a CD, checking r saving with no problem but when u ask for an CLI all the sudden they want u to fax them this and that.

Advice is what we ask for when we already know the answer but wish we didn't.
Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: A good reason to check into the Concord center


score_building wrote:

keep hooters over patelco?  nah.


I agree. Hooter's is sub prime Patelco is not. They're only asking you for paystubs right? All the credit unions do that.

Senior Contributor
smallfry
Posts: 4,831
Registered: ‎04-20-2007
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Re: A good reason to check into the Concord center


l9ikjam wrote:
I have been trying to get a HELOC but I kept getting turned down and after getting the rejection letters in the mail the reason on all of them were to many credit card. So I called up a couple of banks hoping I could change there minds but it was a no go. The 2 banks that I talked to said the number of open accounts is 1 of the things that they look at when someone is apping for any loan. I have my home insurance thru Nation Wide so they sent me a letter basically saying I'm preapproved for any loan I wanted. So I went for the HELOC & 1 of their CC's. I got the HELOC but was turned down for the CC. A rep called me and told me I was turned down for the CC because of to many open accounts. I know some won't agree with this but I'm about to close all of my credit cards except 5 and 2 store cards. I currently have 12 CC's and 3 store cards. Chase, Amex, Patelco, Hooters, Cap1, care credit r all getting the axe this weekend. Might keep the Hooters.

You got the HELOC with all those open credit cards right? So why would you close any cards?

Frequent Contributor
moondog7324
Posts: 488
Registered: ‎04-09-2008

Re: A good reason to check into the Concord center

What is the purpose of closing cards? To qualify for more cards?

If you are weeding out cards i would do it in this order:

1) Any cards that charge a fee

2) Any cards with a credit limit <1000

3) Cards < than 1 year old.

4) Name recoginition- if things equal I would keep a Chase card over a Hooters or Crap1 o r Target

 

You need to quit applying- shoot for zero inquiries for the rest of the year.

Established Contributor
l9ikjam
Posts: 662
Registered: ‎09-07-2007
0

Re: A good reason to check into the Concord center

This is what they asked for

  • Provide a current paycheck stub or other proof of income for all applicant(s)
  • Provide proof of residence address: mortgage coupon/statement, rental/lease agreement, or utility bill

 They don't like u to have a lot of INQ's when u apply for anything but they hit u with a hard everytime u ask for a CLI. Plus I don't want to pay to be in the rewards program.

 

I'm closing some of my cards that I got when I 1st starting rebuilding my credit. Low limits cards and the 1's with no rewards. 1st it went from using your sock drawer cards every 6 Months to every 3 Months and now once per Month. I think eventually they will start closing accounts with little use and I rather have on my reports that I closed them. I normally only carry small balances so it shouldn't hurt my scores to much right now. I'll close 1 to 2 of them every 2 Months. I think if u start off with bad credit some of these banks still see u as a high risk even though your scores go up and you're with them for years. I just think the less cards I have to deal with the more money I can put towards the reward cards I like and I'm happy with.

 

Advice is what we ask for when we already know the answer but wish we didn't.
Established Contributor
l9ikjam
Posts: 662
Registered: ‎09-07-2007
0

Re: A good reason to check into the Concord center

I only apllied for Nation Wide's CC becuase It's gonna be 1 of my main banks and also to make up for some of the CL I'm gonna loose from closing some of my other cards. I actually don't want anymore CC's. I got 5 cards that I use and want to keep. A low limit card with no rewards is basically helping a bank make money without u getting anything in return.
Advice is what we ask for when we already know the answer but wish we didn't.
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Epic Contributor
haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: A good reason to check into the Concord center

As long as you've read Closing Credit Cards, and you've thought everything through, this isn't necessarily bad.

I'd take it slowly, though. Have you projected out ten years from now to see what will happen with both your oldest credit history and your AAoA?

I'm doing some pruning, too, but veeeeeerrrrrrry slowly. For one thing, I haven't the slightest idea which of my CCC's might still be in business by the end of the year. :smileyvery-happy:
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